BoG Suspends Forex Trading Licence of CBG
The Bank of Ghana has suspended the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG).
The disciplinary measure will take effect from November 28 and will last for a month, the Central Bank announced in a statement on November 12, 2024.
It comes after the BoG got notifications of some breaches conducted by the Bank in 2022 and 2023.
The financial institution is said to have violated the foreign exchange market regulations, the updated Guidelines for Inward Remittance Services for Payment Service Providers dated November 2023, and the Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline for Accountable Institutions in Ghana dated December 2022.
The Bank noted that the licence will be restored after one month as it cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.
“The licence will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that CBG has put in place effective controls to ensure strict adherence to the foreign exchange market regulations.”
Source: opemsuo.com/Hajara Fuseini
